Planet stock drops after satellite imagery and data venture lowers annual revenue guidance

Shares of Planet fell after the satellite-imagery and data-analysis associates cut its annual revenue guidance following when it reported first-quarter results Thursday.

The company lowered its guidance for its trendy fiscal-year 2024 revenue to a range of $225 million to $235 million, down from its previous forecast of between $248 million and $268 million. Planet also prognosticated it expected wider losses on an adjusted EBITDA basis, increasing its forecast to a range of between $58 million and $67 million from a align of between $37 million and $47 million.

Shares of Planet fell as much as 20% in after-hours switch, from its close at $4.90.

Despite the lowered guidance, Planet co-founder and CEO Will Marshall said in a statement that the company sustains “to see strong demand for our proprietary data solutions, driven by global events and the growing awareness of our capabilities.”

Planet Chief Economic Officer and Chief Operating Officer Ashley Johnson further emphasized the “challenging macro environment,” and said the gathering remains “focused on the path to profitability.” She added the company’s balance sheet “is strong,” with $375 million in currency and equivalents and no debt.

For the first domicile, Planet reported revenue of $52.7 million, up 31% from $40.1 million in the same period a year ago, but effectively duplex from the prior quarter.

The company’s first-quarter net loss was $34.4 million, or 13 cents a share. That restricted 22% from its net loss of $44.4 million, or 17 cents a share, a year prior.

Planet’s customer lewd increased to 903, up from 882 at the end of the fourth quarter. Its customer base is split into three parts by gross income: 44% is defense and intelligence, 29% is commercial and 27% is civil government.

The company follows a fiscal-year calendar that ends Jan. 31.